Online fast-fashion retailer White Fox has revealed a significant financial performance in the 2023-24 fiscal year, with founders Daniel and Georgia Contos paying themselves more than $76 million in dividends. The Sydney-based company, which started in 2013 as an eBay reselling business, has grown rapidly into a major player targeting Gen Z women’s apparel, leveraging influencer marketing and social media to expand its reach domestically and internationally, including the UK and US markets.
White Fox recently lodged its audited financial statements for the year ended June 30, 2024, following a delay that resulted in a $187,800 fine imposed by corporate regulators. The company reported revenue of approximately $425.5 million, up significantly from the previous year, while net profit increased 133 percent, rising to $104.4 million from $44.8 million in 2022-23. Total costs also climbed sharply, rising 102.5 percent to $194.6 million, with marketing expenses alone increasing 58.3 percent to $32.3 million.
The company’s income tax payments reflected the financial growth, surging by nearly 133 percent to $44.7 million. Meanwhile, total assets were valued at $129.9 million, up from $85.1 million the prior year.
The Contos couple, who remain the sole owners of White Fox, have accumulated an estimated combined wealth reported between $1.4 billion and $4.1 billion, depending on varying estimates. Their wealth has been partly invested in the elite Sydney suburb of Vaucluse, where they have reportedly spent around $150 million acquiring five adjacent properties, with plans to merge them into a large private residence.
Additionally, White Fox completed a $70 million purchase of a five-storey, 10,765 square meter commercial property in the Sydney suburb of Rosebery over a year ago. This building serves as the company’s boutique headquarters, to which it officially relocated earlier this year. This asset acquisition, however, remains yet to be reflected in the latest lodged financial documents.
The rapid growth and high-profile status of White Fox form part of a broader pattern among large private companies in Australia. Several well-known private firms, including names such as Mecca, Grill’d, and Bing Lee, have also faced corporate regulator fines for late submission of audited accounts during the same period. The Contos’s business trajectory illustrates how social media-driven brands targeting younger demographics can scale quickly, although such rapid expansion also brings heightened regulatory scrutiny and operational challenges.